Often overlooked in our operationally driven industry is the importance of human capital. High performing organizations recognize the quality and responsiveness of their employees can be a key competitive advantage.
Institute for Corporate Productivity research shows consistently top performing organizations outperform their competitors in revenue growth, market share, profitability and customer satisfaction. Within these companies, employees adapt well to change and embrace innovation; leadership is clear, fair and talent-oriented; leaders are committed to developing their people and promoting high performers; they ensure performance expectations are known and consistent with strategy; and leaders are skilled at crucial conversations to redirect and resolve performance gaps.
As we look to 2015 and beyond, successful companies in our industry will continue to invest heavily to become even higher performing organizations through:
- Talent acquisition and on boarding: Companies need to select employees that are a good cultural fit and passionate to do good work, and support their development, beginning with their first interactions with them.
- Career planning and development: Companies should hold a long perspective (hire to retire) view of employee development and focus on progressive competencies for employee, management and leadership.
- Performance management: Leadership provides ongoing coaching, recognition, appreciation and honest assessment about what employees need to do to be more successful in their roles.
- Developing a common culture: Companies should educate and continually reinforce leadership concepts and common performance language with all their employees to hold themselves and each other accountable to their cultural standards. Management and employees learn from their mistakes and take measured risks while being innovative about change.
- Recognition: Companies need to recognize and reward performance to attract and retain the best talent possible.
Effective management of organizational talent is critical, and something our industry needs to be more focused on for the foreseeable future.
Tom Crowley, Chairman and CEO, Crowley Maritime Corp.